According to new report published by Grand View Research, the global solar pumps market is expected to reach USD 3,639.0 million by 2022. The market is anticipated to post a phenomenal CAGR of 38.1% between 2015 and 2022.

A study by Grand View Research, Inc. indicates that the global solar pumps market is projected to rise to a valuation of USD 3,639.0 million by the end of 2022. Solar pumps are widely used for drinking and agricultural applications. They have emerged as a boon for remote areas where there is limited electricity supply. Use of solar energy, in place of diesel, reduce the operating cost and provide a clean source of energy. The market is anticipated to post a phenomenal CAGR of 38.1% between 2015 and 2022 (forecast period).

Paradigm shift from diesel and electric pumps in order to cut down dependence on traditional energy is poised to provide an upthrust to the market. Solar pumps are gaining popularity owing to the numerous benefits they have over diesel pumps. Users do not encounter issues such as feeder damage, price fluctuations, and shortage of fuel while operating solar pumps. Besides this, these pumps offer a sustainable and clean energy solution.

Governments of developing countries such as India, Kenya, China, Bangladesh, Namibia, Pakistan, Nigeria, and Morocco are targeting to reduce fossil fuel imports and capitalize on clean energy sources. In addition, these countries receive abundant solar energy throughout the year. All these factors are likely to augur well for the market. Rising agricultural activities coupled with growing reliance on renewable energy sources can propel the market. Demand for solar pumps in the agricultural sector is estimated to rise at a 38.5% CAGR during the forecast period.

Introduction of subsidiaries and rebates from governments in several parts of the world to install solar pumps is expected to allow the market to gain tremendous traction. Strict government regulations to curb hazardous emissions can also stoke the growth of the solar pumps market. On the other hand, high initial cost in comparison with diesel pumps and other electric pumps can limit the market from realizing its utmost potential.

Nevertheless, constant efforts by manufacturers and research institutes to introduce cost-effective products can unfold tremendous growth opportunities for the market. For instance, in July 2017, a team of researchers from IIT Delhi announced their project to design solar pumps and inventors that save energy and cost. The project is poised to improve the productivity of farmers and decrease the energy cost. The solar pumps will incur battery maintenance cost approximately every two years and one-time cost required for installation.

The global solar pumps market has been classified on the basis of application, product, and geography. Based on product, the market has been segmented into DC submersible, AC submersible, AC floating, and DC suction. The AC submersible segment will exhibit the highest CAGR of 38.5% during the same period. In terms of application, the market has been bifurcated into drinking water and agriculture.

From a geographical segmentation, the key segments reviewed in the report are Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific will command a sizeable share in the market through 2022. Increasing efforts to reduce dependence on fossil fuels coupled with abundant availability of solar energy are augmenting the regional market. Presence of several agriculture-based economies such as India and Bangladesh and growing financial support from governments through subsidies are likely to drive the market in the region. The Middle East and Africa market is estimated to experience noteworthy growth over the forecast horizon. Rising focus on reducing imports of fossil fuels is one of the primary factors escalating the growth of the region.

The solar pumps market is characterized by the presence of both large multinational organizations and small regional players. Some of the prominent players in the market are TATA Power Solar Systems Ltd., Lorentz, Bright Solar, CRI Pumps, and SunEdison.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.